The person responsible for filing a relevant return is the person making the disposal. Where no assent has occurred then those persons are the PRs.
However, even with respect to real estate an assent of the beneficial interest may be made either orally or may be implied by conduct (Re Edwards W.T. [1982]) ; it seems here that the implementation by the PRs following the request of the beneficiary to sell would amount to assent by conduct. In such a case the person responsible for filing is the beneficiary.
I am trying to complete the PPD CGT and wondering if anyone can help me. On page 5 the form asks âWhat is your Capital Gains Tax Payment for Property Disposals Gain or Loss?â . The next question asks for the CGT liability for this disposal. So is the earlier question only relevant if you have more than one disposal? Or could it be asking for the chargeable gain, after deducting allowances (e.g. annual allowance).
If anyone has any experience and can shed any light I would be grateful.
I wondered if anyone has had a calculation back from HMRC yet, having submitted a PPDCGT form, and how long this took? I submitted two in December and havenât heard anything since.
Many thanks
Victoria Armour
I submitted a PPDCGT form in November and had heard nothing. I chased HMRC about it yesterday and after some searching they found they had received it but because we had sent the PPDCGT back with a cover letter it was filed in the Self Assessment pile instead of the one for PPDCGT forms. It is a problem they have found out about recently but I was told that we still have 30 days from when they send the calculation letter back to us to make the payment.
I believe this question is very badly worded. I have always completed it as the capital gain or loss figure for the calculation on the form. then as you say, put the tax figure in the next box.
Victoria/Prue,
I have a client who has a tax liability but has submitted a paper form. HMRC advised me that it would take around 10 weeks for these to be reviewed and a letter sent with the payment reference. As mentioned, the client would then have 30 days to pay (from the date of their letter - which if it gets held up could cause problems). Iâve not yet had any back to know the timeline but fingers crossed. At this rate, we could file the 2021 tax return before theyâve paid the tax!
It is highly inappropriate for HMRC to, in effect, unilaterally alter the due and payable date of a tax liability, however welcome in an individual case. They may be signalling their advance acceptance of a reasonable excuse defence to any penalty and, one hopes, remission of any interest, both of which are within their statutory responsibility for âcare and managementâ. But this is the system they wanted and presumably asked HMG for (who are terrified to deny them anything, since they do not understand indeed abhor the nasty detail of the tax system but desperately need HMRC to collect their vital funds). I believe we should be taxed by law not untaxed by what HMRC make up as expedient.
I share your concern Jack. The issue is that we should only be taxed by law.
If it has become a question of mere belief, it is turning into a religious due in a new millennial dispensation!
The problem is that Jesse Norman has invented a new common law of tax whereby if enough tax professionals, whatever they may be, abstain from holding HMRC to legal account, the Second Lord of the Treasury will assume that the law has been changed. The French have a good term for it: an administrative tolerance. That serves to identify it as a non-legal abstention from taxation for administrative reasons or convenience. It is entirely inconsistent but pragmatic.
Many thanks for your replies, its good to know Iâm not alone. I will ring them to make sure ours havenât been misfiled as I also included a covering letter. Sounds like a shambles!
Victoria
I did try posting a query on this elsewhere but as many commenters here look to have already completed these forms, hopefully someone can answer my query: the question at the foot of P4 âHow much of CGT AE do you want to useâ is understood; the next question over on P5 then asks about anticipated gross income but then asks âHow much of your personal allowance do you want to applyâ. Surely the answer is always going to be all of it, whatever it happens to be each tax year? Or is there a reason why you would put a difference amount, or even none at all here? Iâm struggling to see the relevance. What did others do please?
Maybe the issue relates to the marriage allowance of ÂŁ1,260 for 2021/22 which may be transferred from one spouse to another. In essence, ÂŁ1,260 of a personal allowance may be given up and transferred to the other spouse.
Hi Lesley,
I would agree that in most circumstances you would want to use all of it but also note Malcolmâs comment, which is fair. These questions are so badly worded, in that you need to work out what they are asking! It is also possible that an individual may not be entitled to a personal allowance as a non resident or non-domiciled and claiming remittance basis. They could earn over ÂŁ100k which would restrict their ability to claim the full amount. There are always nuances but in the main, yes most people would claim the full amount.
On a trust disposal, where completion was on 15 December 2020 and the paper form was submitted on 8 January 2021, I have today (9 August 2021, 7 months later) received their confirmation letter dated 4 August 2021, with the payment reference.
HMRCâs instruction is that payment is due by 18 August, so only 14 days after their agreement letter and well within the 30 days I was expecting!